Buddy, can you spare $1.285 million?
As I was walking around Harlem’s 123rd/124th Street and Lenox, I was taken by the sight of the local Seventh Day Adventist Church. No particular reason; it’s just a standard NYC church building with some nice color. I was walking on the other side of the street and noticed that Weichert Realty was holding an open house at about the same level as the church and, on a lark, stopped to see what was for sale. I’ve done this before in Harlem, but haven’t really been tempted by what I’ve seen.
The realtor was happy to provide some information and I found a very nice little deal that I won’t be taking advantage of…at least for now.
Right next to the realty open house there was a set of “brownstones” (these are three to five story homes that are townhouse/rowhouse format, but generally are build with large local stones). She pointed one of them out and said that they had it for sale and would I be interested? I said my usual: if I were buying again, Harlem would be high on my list. However, I was just sort of checking in on the opportunities. She was undaunted and proceeded to describe the place: five floors, part commercially zoned, part residential. Eighteen feet wide and 60 to 75 feet deep (the building) with the lot being 100 feet deep. Okay, at 18x60x5 stories, that’s 5,400 square feet. At 75 feet deep, that’s 6,750. The price would be between $238 and $190 per square foot (if the measures were true and NYC brokers always overestimate square footage). That’s a real bargain.
The downsides: no parking, frontage on a major avenue (Lenox), and it needs a “gut renovation”. That’s New Yorkish for “mega-bucks”.
The upsides: the commercial part would benefit from the major avenue, “olde tyme” wonderful wordwork, and a first-rate view.
Here’s what the place looks like:
I only see four floors, but the realtor said there were five. Whatever. Unfortunately, the resident caretaker was taking an extended break and the broker couldn’t get us in. I returned twice over a 90-minute period to see if he had shown up, but not luck. I did take a look through the window and saw that the wood was really nice.
And here’s the view from the top step. Pretty cool. (Click the picture for the full view.)